Naira Ends July at ₦1,368.22/$ After Five Straight Days of Losses

The naira closed July weaker at the official foreign exchange market, ending Friday at ₦1,368.22 to the US dollar, according to Central Bank of Nigeria data. This was a ₦1.50, or 0.1%, decline from Thursday's closing rate of ₦1,366.72/$. The currency recorded small losses across all five trading days of the final week of July. It closed at ₦1,362.20/$ on Monday, ₦1,365.53/$ on Tuesday, ₦1,366.71/$ on Wednesday, and ₦1,366.72/$ on Thursday before slipping further on Friday. The gradual decline came despite ongoing CBN reforms aimed at improving foreign-exchange liquidity, transparency and investor confidence. The figures underline the continued pressure on the naira at the official market.

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